Robinhood withholds 2026 total operating expense outlook on credit loss, regulatory uncertainty
HOOD•Robinhood lowered its 2026 adjusted operating expense and stock-based compensation outlook to $2.675 billion-$2.75 billion, but withheld a total expense outlook because of uncertainty over certain costs. Third-quarter revenue was $1.42 billion, while adjusted EPS was $0.60.
1. 2026 expense outlook
Robinhood lowered its 2026 outlook for adjusted operating expenses and stock-based compensation to $2.675 billion-$2.75 billion. The company did not provide a 2026 total operating expense outlook, citing uncertainty over certain costs, including credit losses, customer growth and marketing costs.
2. Third-quarter results
Third-quarter revenue rose 12% year over year to $1.42 billion and met consensus estimates. Adjusted EPS increased to $0.60, above the $0.56 consensus, while net income was $476 million and operating expenses rose 16% year over year to $739 million.
3. Revenue drivers
Growth in event contracts, options and equities trading offset a sharp decline in cryptocurrency trading. Trump Account services and higher Robinhood Gold subscriptions contributed to revenue growth, while lower securities lending and short-term rates reduced net interest revenue, partly offset by growth in interest-earning assets.
